Courts / Antrim / Report
First person convicted of insider trading in history of State fined £60k
Summary
Declan Service, a 63‑year‑old former multinational employee now a carer, was fined £60,000 at Dublin Circuit Criminal Court for insider trading. Between 18 and 22 May 2020, he used confidential information about Open Orphan's discounted share sale to sell his 3.89 million shares before the public announcement and then buy back a smaller amount at the lower price. The court heard he made a profit of about £11,500, which could have risen to £44,000 if he had held the shares for a year. Service pleaded guilty, admitted the wrongdoing, and expressed regret. He faces a potential 18‑month prison term when sentencing is finalised next February. The judge noted his cooperation, good character, and mental health issues as mitigating factors, but confirmed the insider‑trading offence. The fine was ordered to be paid to his solicitor's account.
Who, what, where, when and why
What: Report matter: First person convicted of insider trading in history of State fined £60k. Charges or matters: engaging in insider dealing on dates between May 18 and 22, 2020, when he used sensitive market information to sell shares before that information was made public. Procedural stage: sentence
When:
- May 18 Hearing Or Sentence
- May 2020 Hearing Or Sentence
- Monday, May 18, 2020 Other
- Friday May 22, 2020 Hearing Or Sentence
- May 19 Hearing Or Sentence
- May 20 Other
- August 2021 Incident
- September 2022 Incident
- February 19 Adjournment
- 2023-12-20 Publication
Why: The court heard that in May 2020, Open Orphan decided to sell additional shares on the market at a discounted rate in order to raise €12 million in capital and fund growth. Court evidence reported by CNI
Case subjects
Convicted Person
Charges: engaging in insider dealing on dates between May 18 and 22, 2020, when he used sensitive market information to sell shares before that information was made public (Alleged Or Contested)
Outcome: Photo: Collins) The first person to be convicted of insider trading in the history of the State, who used his "entire retirement nest-egg" to buy back stocks he knew would be discounted, has been fined £60,000 sterling at Dublin Circuit Criminal Court.; She set a headline sentence of two and a half years but said that with mitigation, 18 months would be an appropriate sentence but that she will review this and adjourned finalisation until next February 19.
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
Topics
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